Power REIT (NYSEAM:PW) acquired 1,121,513 square foot Controlled Environmental Agricultura greenhouse cultivation facility for $9.35 million on March 31, 2022. Simultaneous with the acquisition, Power REIT entered into a long-term, triple-net lease with Millennium Produce of Nebraska LLC. As part of the transaction, Power REIT has agreed to fund capital improvements to upgrade the tomato-ready cultivation facility. Power REIT's current capital commitment for the initial phase of improvements is $0.53 million which includes costs related to the replacement of energy curtains.

Power REIT (NYSEAM:PW) completed the acquisition of 1,121,513 square foot Controlled Environmental Agricultura greenhouse cultivation facility on March 31, 2022.